RITES gains on securing contract worth Rs 76 crore from Indian Railways

RITES rose 1.22% to Rs 340.30 after the company announced that it has secured a new engineering, procurement and construction (EPC) work order of Rs 76.08 crore from the Indian Railways.

The contract is for the provision of electronic interlocking (EI)-based automatic signaling with continuous track circuiting and other associated works along with suitable indoor alterations in electronic interlocking/route relay interlocking (RRI)/panel interlocking (PI) stations enroute in Dhaulpur-Gwalior Section of Jhansi division of North Central Railway.

RITES, a Miniratna (Category-I) Schedule 'A' public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 31 December 2022, the Government of India held 72.2% stake in the company.

On consolidated basis, the civil construction company's net profit rose marginally to Rs 147.18 crore in Q3 FY23 from Rs 143.87 crore posted in Q3 FY22. Revenue from operations declined 12.62% year on year (YoY) to Rs 677.34 crore for the quarter ended 31 December 2022.

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